Precious Metals Preview: COMEX gold and silver stay pressured by elevated oil prices

COMEX gold and silver futures extend decline for the second straight session on Friday morning in Asia as oil prices climbed sharply overnight amid escalating tensions in Middle East. Geopolitical tension continues to surge following reports that Yemen?s Iran-backed Houthi militant group attacked two Saudi oil tankers in the Red Sea for allegedly violating a blockade. In response, the US conducted its 13th consecutive night of military strikes on Iran. Higher oil prices tied to Middle East tensions are strengthening bets on Fed rate hikes and adding pressure on the yellow metal which is currently quoting at $4033.30 an ounce, down 0.42% on the day. Silver is also down 0.70% at $57.65 per ounce.

Powered by Commodity Insights